Grant Thornton Completes CBIZ Acquisition at $5 Billion Enterprise Value

Key Facts

Grant Thornton Advisors, New Mountain Capital and CBIZ announced on November 2, 2026, the completion of the acquisition of CBIZ at an enterprise value of $5 billion, according to a statement published by Business Wire. Under the terms of the deal, CBIZ shareholders receive $55 in cash for each share they own. Following completion, CBIZ is wholly owned by Grant Thornton Advisors, while its shares cease trading on the New York Stock Exchange. This ends the company’s status as a listed stock and transfers its ownership to the acquiring group. The closing follows the deal’s announcement in July and CBIZ shareholders’ preliminary approval in October.

CBIZ said in a filing to shareholders that the deal represents the largest of its kind in more than 25 years. Following the combination, Grant Thornton in the United States will become the fifth-largest provider of professional services, tax and advisory services, with annual domestic revenue exceeding $5 billion. That revenue relates to Grant Thornton’s domestic business, while the combined multinational platform will generate revenue of about $7.5 billion. The platform spans more than 20 countries and territories and has more than 34,500 professionals. The deal therefore combines the company’s expansion in the U.S. market with the scale of its operations across international markets.

On shareholder consideration, a CBIZ filing said the $55 per-share price represented a premium of about 54% to the 30-day volume-weighted average price when the agreement was announced on July 29, 2026. CBIZ Chairman and Chief Executive Jerry Grisko said the board conducted “a careful and thoughtful process to evaluate this proposal,” including its impact on the company, its clients, employees and shareholders, and viewed Grant Thornton as the best choice for CBIZ’s future. Jim Peko, CEO of Grant Thornton Advisors, also said the combination expands the company’s ability to support businesses “from early-stage development through global expansion.” This explains part of the deal’s stated rationale, linking CBIZ’s domestic base with Grant Thornton’s broader reach. The agreement’s financial execution was supported by an additional equity investment from New Mountain Capital.

Grant Thornton said the deal expands its artificial intelligence and technology capabilities and builds on a $1 billion investment in AI and advanced technologies announced by the company. New Mountain Capital led an investment in Grant Thornton Advisors in May 2024, then announced an additional equity contribution to support the CBIZ deal. This reflects the investor’s role in Grant Thornton’s growth and in financing the current acquisition. However, not all CBIZ businesses will move into the same operating structure after the closing. Grant Thornton plans to spin off CBIZ’s benefits and insurance services segment into a new standalone entity backed by New Mountain Capital.

The deal follows CBIZ’s October 19 announcement of results for the third quarter ended September 30, 2026. Revenue was $702 million, up 1.2% year over year, while net income reached $47 million, up 56.7%. Adjusted EBITDA was $132 million, a 6.3% increase. For the nine months ended September 30, revenue was $2.233 billion, up 0.8%, and net income was $219 million, up 12.2%. Adjusted EBITDA for the same period, however, fell 1.2% to $479 million, putting revenue and net income growth alongside a decline in that adjusted measure.

CBIZ said in its earnings filing that revenue exceeded $2.2 billion in the first nine months of 2026 and that it had more than 9,500 team members across 23 major U.S. markets. In the same filing, the company said it would not provide full-year 2026 financial guidance or hold a conference call to discuss third-quarter results because of the proposed deal. In the last available trading session before the closing, CBIZ shares ended at $54.98 on October 30, 2026, according to EL7 data. Following completion of the deal, the company moves to full ownership by Grant Thornton and its shares cease trading on the New York Stock Exchange. The next announced step is the spin-off of the benefits and insurance businesses into a standalone entity backed by New Mountain Capital.